Novaortografia Condo

A shophouse on the popular Pagoda Street in Chinatown has been put on the market for sale via an expression of interest (EOI) with a guide price of $16 million. The three-storey conservation shophouse, located at 76 Pagoda Street, has a 99-year leasehold and occupies a plot of 1,372 sq ft. It boasts a gross floor area (GFA) of 3,500 sq ft, which includes an attic level. This translates to a guide price of approximately $4,571 per square foot.

Richard Tan, founder of PropNex Shophouse Elites and the sole marketing agent for the property, shared that the ground and second floors are currently leased to a restaurant, while the third floor is being used as office space.

Commercial shophouses, particularly those in the Chinatown area, are highly sought after by owner-occupiers, high-net-worth individuals, and family offices as a long-term investment asset, according to Tan. As this is a commercial property, both foreigners and companies are eligible to acquire it without having to pay additional buyer’s stamp duty or seller’s stamp duty.

The most recent shophouse transaction in Pagoda Street was the sale of 31 Pagoda Street in March, which fetched $19 million, or $5,588 per square foot based on an estimated GFA of 3,400 sq ft.

The EOI exercise for 76 Pagoda Street will close on Jan 10, 2025.

In another commercial property sale, a two-storey HDB shophouse located at 210 New Upper Changi Road is also up for sale via an EOI exercise with a guide price of $13.8 million. The 103-year leasehold property has a GFA of 4,607 sq ft, translating to a price of $2,995 per square foot.

Investing in a Singapore condo offers several advantages, one of which is the potential for capital appreciation. As a global business hub with robust economic foundations, Singapore draws in continuous demand for real estate, making it a promising location for property investors. Historical data shows a consistent upward trend in property prices, particularly in prime locations where condos have experienced significant appreciation over the years. For investors who time their purchase right and hold onto their properties for the long haul, substantial capital gains can be expected.

Kris Ng, senior associate marketing director at PropNex who is marketing the property, highlighted its stable, long-term tenants as a standout feature. For the past 20 years, the property has been leased to healthcare retailer Guardian and United Overseas Bank (UOB).

Conveniently located within the bustling Bedok Town Centre, the shophouse is in close proximity to Bedok MRT Station, Bedok Mall, and Heartbeat@Bedok.

As this is also a commercial property, foreigners and companies may acquire it without having to pay ABSD or SSD.

The EOI exercise for 210 New Upper Changi Road will close at noon on Jan 10, 2025.…

Securing financing is a vital component of investing in a condo. Singapore presents a variety of mortgage choices, but it is crucial to have an understanding of the Total Debt Servicing Ratio (TDSR) scheme. This framework sets a cap on the amount of loan that can be obtained by a borrower, taking into account their income and current debt responsibilities. Familiarizing oneself with the TDSR and seeking guidance from financial experts or mortgage brokers can assist investors in making well-informed decisions about their financing options and steer clear of over-extending their borrowing. In addition, exploring Singapore Projects could provide useful insights for investors seeking to finance their condo investment.

The Great Room, a renowned co-working space provider, has recently expanded its operations in Australia by opening a second location in partnership with LendLease. The new workspace, situated at One O’Connell Street in Sydney, occupies a total area of 25,360 square feet on levels 14 and 15 of the office building. This modern and flexible workspace is located within the bustling Sydney CBD, and marks the company’s commitment to collaborate with Lendlease for long-term investment and value creation.

According to Jaelle Ang, CEO of The Great Room, the collaboration with Lendlease will ensure the new space at One O’Connell Street stands out as a premium product, delivering sustainable profitability. This move strengthens the company’s position as a leading provider of innovative and high-quality co-working spaces in the Asia Pacific region. Since its inception in Singapore, The Great Room has expanded its footprint to 12 locations in Singapore, Bangkok, Hong Kong, and now Sydney.

Aside from its new location in Sydney, The Great Room also recently launched its luxury co-working brand, The Collective, in Tokyo. This development demonstrates the company’s continuous growth and its commitment to providing top-notch services to its members. In Singapore, The Great Room recently opened its first outlet outside the CBD – Csuites Powered by The Great Room, located in Paya Lebar Quarter. This new workspace boasts private manager cabins, soundproof meeting rooms, floor-to-ceiling windows, and ergonomic workstations designed for comfort and productivity.

One of the key benefits of being a member of The Great Room is the opportunity to attend monthly networking sessions and panel discussions. These events allow members to connect, collaborate, and learn from each other. Since its acquisition by the New York-based co-working giant, Industrious, The Great Room has access to 160 locations across Asia Pacific, Europe, North America, and the UK. This partnership not only adds value to The Great Room’s services but also gives its members a global reach and more opportunities for growth and collaboration.…

In order to meet the high demand for housing and to maintain market stability, the government has announced that it will be offering a total of 8,505 private residential units in the upcoming Confirmed List and Reserved List of the 1H2025 GLS (Government Land Sales) programme. This is a significant increase from the supply offered in the Confirmed List of 2H2024.

Taking the plunge into the world of real estate investment can be an exciting and rewarding endeavor. However, when it comes to purchasing a condo, one must also carefully consider the maintenance and management of the property. Unlike single-family homes, condos often come with additional fees for upkeep and management of common areas and amenities. While these fees may seem like an added expense, they actually contribute to maintaining the property’s value and overall appeal. To make the investment more hands-off, many investors opt to hire a property management company to handle the day-to-day operations of their condo. This allows for a more passive approach to managing the property, making it a wise investment choice for those looking to diversify their portfolio.

The Confirmed List will include ten plots, nine of which are residential sites while the remaining plot is a residential cum commercial site. These ten sites are estimated to yield a total of 5,030 residential units, including 980 executive condominium (EC) units. This is in line with the 5,050 units offered in the Confirmed List of 2H2024, but is 60% higher than the average supply offered in each GLS programme from 2021 to 2023.

In addition to the Confirmed List, the Reserve List will include four private residential sites, one commercial site, three white sites and one hotel site. These could potentially yield an additional 3,475 private residential units and 199,900 sqm (2.15 million sq ft) gross floor area (GFA) of commercial space. This is higher than the 3,090 units offered in the 2H2024 Reserve List.

The overall supply of private housing units in 1H2025, including both the Confirmed and Reserve List, is expected to reach 8,505 units. This is on par with the supply offered in 2H2024, which was 8,140 units.

The steady increase in private housing supply from the GLS programme has contributed to the stabilisation of the private residential market, as shown by the moderation in property price growth. Based on the URA private residential property price index, price growth has slowed down to 6.8% in 2023 from 10.6% in 2021 and 8.6% in 2022.

According to market experts, private residential prices are expected to see more modest gains in 2024, with a cumulative increase of around 1.6% in the first three quarters of the year. This is a result of the competitive bidding among developers for EC sites and the rise in EC land prices.

To address this, the government has ramped up the supply of EC sites, with three plots potentially yielding 980 units in the Confirmed List of 1H2025. This marks a shift from previous GLS programmes since 2019, where only one EC site was offered in each half-yearly land sales programme.

Out of the seven new plots introduced in the 1H2025 GLS programme, three are located near MRT stations and are expected to attract both developers and homebuyers. These include a plot at Lakeside Drive near the Jurong Lake Gardens in the Jurong Lake District, Dunearn Road in the new housing precinct in Bukit Timah Turf City, and Telok Blangah Road on the former Keppel Golf Course site.

In addition, the government has made changes to the Dunearn Road plot, providing more flexibility for developers by not mandating the use of serviced apartments. This could lead to a more competitive bidding process for the plot.

It was also noted that the GLS tender process in 2024 was unprecedented, with three plots (Marina Gardens Crescent, the Jurong Lake District master developer site, and plots in Media Circle for long-stay serviced apartments) not being awarded due to low bids. These sites are now included in the 1H2025 Reserve List.

Overall, the GLS programme in the first half of 2025 is expected to meet the high demand for private housing and contribute to market stability.…

in Singapore.

Article re-write:

A premium three-bedroom unit located at Gambier Court, a luxurious condo situated along Kim Yam Road in prime District 9 of the River Valley area, is set to be auctioned off by Knight Frank Singapore on Dec 12. The unit is being offered with a guide price of $2.6 million, equating to a price of $1,755 per square foot based on its spacious floor area of 1,485 sq ft.

Public records show that the current owner had purchased the unit in a resale transaction in October 2018 for $1.8 million, working out to a price of $1,212 per square foot. This transaction marks the second time the unit will be put up for auction, after previously being listed in Knight Frank Singapore’s auction on Nov 26 with a higher guide price of $2.64 million, or $1,778 per square foot, which did not receive any bids.

According to Tricia Tan, director of auction and sales at Knight Frank, the reason for the sale is the owner’s desire to relocate to a residence closer to their children’s school. The property will be sold with vacant possession, making it an attractive option for prospective buyers.

When it comes to investing in a condo, securing financing is a crucial factor to consider. Fortunately, Singapore offers a variety of mortgage choices. However, investors must be aware of the Total Debt Servicing Ratio (TDSR) framework, which determines the maximum loan amount based on their income and current debt commitments. Familiarizing oneself with the TDSR and seeking guidance from financial advisors or mortgage brokers can aid in making informed decisions about financing and avoiding excessive leveraging. For more information on financing options for investing in a Singapore Condo, visit Singapore Condo.

Located on the eighth floor, this unit features three bedrooms and a study area. Originally a four-bedroom apartment, the previous owner had converted it to a three-bedroom unit, providing a more spacious layout that is ideal for both local and expat families with children, according to Tan. Additionally, the unit’s balcony faces northeast, offering sweeping views of the sea and Singapore River.

Gambier Court is a freehold condo situated at 60 Kim Yam Road that was completed in 1999. This low-density development comprises of just 21 units, featuring 18 apartments spread across a 10-storey block and three strata-landed units housed in conserved shophouses. The apartments offer a range of floor plans, from two to four bedrooms, ranging from 936 sq ft to 2,530 sq ft. The three strata-landed units are two-storey properties with an attic, boasting sizes between 2,562 sq ft and 2,885 sq ft.

Residents of Gambier Court enjoy convenient access to Fort Canning MRT Station on the Downtown Line and are in close proximity to a variety of dining and retail options, such as the recently developed lifestyle hub, New Bahru at Kim Yam Road (formerly Nan Chiau High School), Robertson Quay, UE Square, and Clarke Quay.

Recent transaction records show that a four-bedroom unit measuring 1,485 sq ft on the seventh floor was sold for $2.5 million, or $1,683 per square foot, in December 2022, according to Realis caveats. This represents a profit of $600,000 for the seller, who had purchased the unit for $1.9 million, or $1,279 per square foot, in August 2016. Interested parties can explore more available listings for properties at Gambier Court in Singapore.…

Gallop Gables, a freehold condo in District 10, emerged as the top performer in new psf-price highs from Nov 19 to Nov 22. The condo saw a new psf-price high of $2,299 with the sale of a 2,669 sq ft four-bedroom unit on the second floor for $6.14 million on Nov 20. This is a gain of $1.64 million for the seller, who had bought the unit for $4.5 million ($1,686 psf) in July 2017.

This transaction surpassed Gallop Gable’s previous high of $2,108 psf set just a few months prior with the sale of a 1,163 sq ft, two-bedroom unit on the third floor for $2.45 million on Feb 19. The seller had purchased the unit in January 2021 for $2.07 million ($1,781 psf), making a net profit of $380,000.

Gallop Gables, completed in 1997, is a low-density development featuring 102 units spread across four-storey blocks. It is conveniently situated within walking distance of Farrer Road MRT Station on the Circle Line.

The condo has seen three resale transactions this year at an average price of $2,110 psf, higher than the average price of $1,991 psf for four transactions recorded at the development in 2020.

Apart from the units sold on Nov 20 and Feb 19, a 1,550 sq ft two-bedroom unit on the first floor changed hands for $2.98 million ($1,923 psf) on Sept 9.

In second place on the list of condos with new psf-price highs during the period in review was The Scala. A 1,259 sq ft, four-bedroom unit on the 12th floor was sold for $2.6 million, or $2,064 psf, on Nov 20. The seller had bought the unit in October 2012 for $1.66 million ($1,318 psf).

The Scala, a 99-year leasehold condo on Serangoon Avenue 3 in District 19, was completed in 2013 and features 468 units across 17 storeys. It is a mix of one- to four-bedroom units ranging between 474 sq ft and 2,142 sq ft. The condo is within walking distance of the Lorong Chuan MRT Station on the Circle Line and is in close proximity to educational institutions such as Nanyang Junior College, St Gabriel’s Primary School and Yangzheng Primary School.

This sale is the first time that The Scala has exceeded the $2,000 psf mark, surpassing its previous high of $1,969 psf from the sale of a 904 sq ft, two-bedroom unit on the 11th floor for $1.78 million on Sept 9. The seller had bought the unit in March 2013 for $1.31 million ($1,449 psf).

The condo has seen 16 resale transactions this year, with an average price of $1,823 psf, 8% higher than last year’s average price of $1,688 psf for 16 transactions.

Sims Edge also saw a new record of $1,907 psf during the period in review. This came from the sale of a 409 sq ft, one-bedroom unit on the 13th floor for about $780,000 on Nov 22. The seller had bought the unit in April 2019 for $663,807 ($1,623 psf).

Sims Edge, a freehold development on Geylang East Avenue 2 in District 14, Geylang, was completed in 2014 and features 78 units of one- to two-bedders ranging between 409 sq ft and 1,195 sq ft. It is within 500m of the Paya Lebar MRT Interchange Station on the East-West Line and Circle Line.

Despite having five resale transactions this year at an average price of $1,800 psf, Sims Edge has not transacted above the $1,900 psf threshold. This is still higher than the average price of $1,644 psf from four transactions last year.

No new psf-price lows were recorded during the period in review.

Ask Buddy

Any condo rental listings in District 19?

One crucial factor to take into account when considering a condo investment in Singapore is the government’s property cooling measures. In an effort to promote a steady real estate market and discourage speculative buying, the Singaporean government has implemented several measures over the years. These include the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and individuals purchasing multiple properties. While these measures may affect the immediate profitability of condo investments, they ultimately contribute to the overall stability of the market, creating a more secure investment climate. Condo investors can benefit from the long-term effects of these measures.

Are there unprofitable transactions in The Scala?

Show me the site plan and diagrammatic chart for The Scala

Condo projects with most profitable transactions in District 14

Completion year of Gallop Gables…

During the week of November 19 to 26, a four-bedroom unit measuring 2,885 sq ft at Ardmore Park was sold for $11.25 million, making it the most profitable condo resale transaction of the week. The unit, located on the 14th floor, was sold for $3,900 psf on November 22. The seller had purchased the unit in September 2016 for $8.2 million, resulting in a profit of $3.05 million or a capital gain of 37%. This translates to an annualized profit of 4.6% over a holding period of approximately eight years.

This sale comes just two months after another four-bedroom unit measuring 2,885 sq ft on the 23rd floor was sold for $12.7 million, at $4,402 psf, on October 1. The seller had purchased the unit in September 2010 for $9.7 million, resulting in a profit of $3 million or a capital gain of 30.9%.

Ardmore Park is a freehold luxury condo with 330 units located in prime District 10. It was completed in 2001 and comprises of three 30-storey towers. The typical units in the condo are four-bedroom apartments measuring 2,885 sq ft, but it also has six 8,740 sq ft duplex penthouses.

Apart from the two units sold on November 22 and October 1, there were four other profitable resale transactions at Ardmore Park this year. All the units sold were four-bedroom units measuring 2,885 sq ft, with prices ranging from $4,108 psf to $4,472 psf. The sellers made profits of between $2.65 million and $7.07 million.

The second most profitable condo resale transaction during the week was at Goldenhill Park Condominium. A four-bedroom unit measuring 1,539 sq ft on the 16th floor was sold for $3.43 million or $2,228 psf on November 21. The seller, who had purchased the unit from the developer in May 2001 for $1.14 million or $741 psf, made a profit of $2.29 million, translating to a gain of 201% over a holding period of 23.5 years.

This is the second-highest gain recorded for a unit at Goldenhill Park Condominium. The record belongs to a 2,928 sq ft, four-bedroom penthouse that was sold for $4.3 million or $1,469 psf in February 2022. The seller, who had purchased the unit from the developer in April 2001 for approximately $2 million or $683 psf, made a profit of $2.3 million.

Goldenhill Park Condominium is a freehold development with 390 units located on Mei Hwan Drive, off Ang Mo Kio Avenue 1 in District 20. Completed in 2004, the condo comprises of two- to four-bedroom apartments measuring between 926 sq ft and 2,928 sq ft. It is close to the Lorong Chuan MRT Station on the Circle Line.

There were five other profitable resale transactions at the development this year, with prices ranging from $2,082 psf to $2,246 psf. The sellers made profits of between $760,000 and $1.91 million.

The most unprofitable condo resale deal of the week was at The Oceanfront @ Sentosa Cove. A four-bedroom unit measuring 2,831 sq ft on the 10th floor was sold for $4.7 million or $1,660 psf on November 20. The seller had purchased the unit in May 2007 for $5.8 million or $2,050 psf, resulting in a loss of $1.1 million or 19% over a holding period of 17.5 years.

When considering investing in a condo, it is crucial to also assess its potential for generating rental income. This figure, known as rental yield, represents the annual rental income as a percentage of the condo‘s purchase price. In Singapore, condo rental yields can vary greatly depending on various factors, such as location, property condition, and market demand. Generally, areas near business districts or educational institutions tend to offer higher rental yields due to the high demand for rental properties. Therefore, it is important to conduct thorough market research and seek advice from real estate agents to obtain valuable insights into the rental potential of a specific condo.

The Oceanfront @ Sentosa Cove is a 99-year leasehold condo located in the exclusive Sentosa Cove residential enclave. Completed in 2010, it comprises of 264 units spread across five towers between 12 and 15 storeys high. The residences include two-, three- and four-bedroom apartments measuring between 1,216 sq ft and 4,284 sq ft, as well as penthouses measuring between 2,745 sq ft and 8,095 sq ft.

Based on caveats lodged, there were six other resale transactions at the development this year, with prices ranging from $1,500 psf to $1,999 psf. Four of these transactions were unprofitable, with the sellers incurring losses between $30,000 and $519,000. The remaining two transactions were profitable, with the sellers making gains of approximately $268,000 and $1.7 million respectively.…

Habyt has recently launched a new accommodation space at 5 Kadayanallur Street in Tanjong Pagar. Kada at Maxwell, a flagship space under the Habyt Flex concept, is an 18-room space that expands the company’s product offerings beyond long-term co-living.

Back in August, Habyt Asia Pacific CEO Jonathan Wong had announced the company’s plans to introduce more short-term living options. The first properties under the Habyt Flex concept, Habyt Novena with 39 rooms and Habyt Kallang with 27 rooms, were also launched in August. Other properties, such as Habyt Cantonment and Owen House by Habyt, are also part of the Habyt Flex concept.

Kada at Maxwell offers various room types including en suite studios and two- to three-bedroom units, all equipped with kitchenettes. Guests can book rooms on a nightly or weekly basis, with a 12-month option also available. The starting rate for a room at Kada at Maxwell is $180 per night.

According to Wong, Habyt Kada at Maxwell showcases the company’s commitment to redefine flexible living in Singapore and signifies its move towards the next phase of growth for Habyt Asia Pacific.

Located in a well-preserved 1920s colonial building, Kada at Maxwell spans three storeys and was designed by architectural firm Swan & Maclaren. It was originally built to house the St Andrew’s Mission Hospital for Women and Children, making it one of the earliest modernist buildings in Singapore.

In September 2023, the Singapore Land Authority (SLA) launched a public tender to lease the property. The tender was evaluated based on the bid price and the quality of the proposed concept, with SLA encouraging bidders to come up with creative lifestyle concepts.

The site was eventually awarded to Bethesda Medical with a monthly rental bid of $103,000, the third-highest bid price behind Wan Dormitory ($160,000) and The Working Capitol ($108,240). SLA cited Bethesda’s strong focus on community building and connecting people with businesses as the winning edge for their concept. The first floor will feature 10 F&B options, the second floor will house a gym by Limitless, a wellness center in partnership with Shiruki Studio, and a co-working space. Habyt’s Kada at Maxwell is located on the third floor.

Residents of Kada at Maxwell will have unlimited and complimentary access to the property’s health and wellness amenities such as a performance gym, cold plunge, infrared saunas, hot tubs, and foot baths.

When it comes to investing in real estate, location is key, and this rings especially true in the city-state of Singapore. situated in central areas or near important amenities like schools, shopping centers, and public transportation hubs have a higher potential for appreciation in value. This is evident in prime locations such as Orchard Road, Marina Bay, and the Central Business District (CBD), where property values have consistently grown over the years. The demand for in these areas is also driven by their close proximity to prestigious schools and educational institutions, making them a desirable investment for families. Clearly, the location of a property plays a crucial role in its success in the real estate market, and this is particularly evident in the bustling city of Singapore. Additionally, considering the option to purchase a Singapore Condo can further enhance the potential for a lucrative investment.

Wong also adds, “By blending modern conveniences with the timeless charm of a heritage building, we are offering guests a unique lifestyle experience that goes beyond traditional accommodation.”…

Investing in real estate in Singapore requires careful attention to the rules and limitations surrounding property ownership. For non-residents, purchasing a condo may be a more straightforward process, but ownership of landed properties is subject to stricter regulations. Foreign buyers must also keep in mind the Additional Buyer’s Stamp Duty (ABSD) of 20% that applies to their first property purchase. However, despite these added costs, the steady and promising growth of Singapore’s real estate market makes it an attractive option for those interested in investing in a condo.

URA has recently put out tenders for two residential Government Land Sale (GLS) sites, namely Holland Link and Chuan Grove, on December 3. These 99-year leasehold parcels are part of the Confirmed List for the 2H2024 GLS Programme.

The Holland Link site, located along Holland Link off Bukit Timah Road in District 10, spans 185,141 square feet with a maximum gross floor area (GFA) of approximately 257,225 square feet. According to URA estimates, it has the potential to yield about 230 housing units.

This site is the first GLS plot to be launched in the upcoming Holland Plan precinct, one of URA’s three upcoming precincts including Bayshore and Kampong Bugis, noted Marcus Chu, CEO of ERA Singapore.

The new precinct is expected to accommodate an estimated 2,500 new homes, and Chu predicts that developers will be eager to secure this site to capitalize on the first-mover advantage by introducing the first 230 units in the pipeline.

He also pointed out that the site is within a 2km radius of various schools such as Methodist Girls’ School (Primary and Secondary), Henry Park Primary School, Pei Hwa Presbyterian Primary School and National Junior College. This could be a noteworthy factor for families with young children who may be seeking priority admission into these schools.

The Holland Link GLS site is also near the Brizay Park Good Class Bungalow area, which could potentially lead to future developments in the Holland Plan precinct to consist of low-density private residences, as predicted by Mark Yip, CEO Of Huttons Asia.

Yip expects the site to receive a minimal number of bids, ranging from one to two, with the top bid expected to be around $1,200 to $1,300 per square foot per plot ratio (psf ppr). Similarly, Chu also anticipates a tepid response to the site, citing a total of seven residential sites currently open for tender, which could lead to market saturation. He believes that the Holland Link site could garner up to three bids.

The Chuan Grove GLS site, on the other hand, is situated along Chuan Grove off Lorong Chuan in District 19. With a land size of 170,409 square feet and a maximum GFA of 511,232 square feet, it has the potential to yield about 555 new housing units.

The site is located within 400m of Lorong Chuan MRT Station on the Circle Line, which is one stop away from the Bishan MRT Station (interchange with the North-South Line) and the Serangoon MRT Station (interchange with the North-East Line).

Chu expects the future development on this site to draw the interest of HDB upgraders residing in the vicinity. According to him, within the next four years, an estimated 3,815 Build-to-Order (BTO) units sized four-room and larger are set to fulfill their Mandatory Occupation Period (MOP) in Toa Payoh.

He also noted that residents of HDB flats in older estates may be looking to upgrade their homes, given the increasing number of million-dollar flats in neighboring Serangoon, Bishan, and Toa Payoh. The median transaction prices for five-room flats in Bishan and Toa Payoh over the last 10 months were $792,000 and $828,000 respectively.

Chu also pointed out that developers could be encouraged by Chuan Park’s strong sales performance, with 76% of the development’s 916 units being sold at an average price of $2,579 psf during its launch weekend.

He expects bids for the Chuan Grove site to range from $571 million to $600 million, which translates to a land rate upwards of $1,200 psf ppr. Meanwhile, Yip predicts a total of three to five bids, with the top bid ranging from $1,150 to $1,250 psf ppr.

The tenders for the Chuan Grove and Holland Link sites will close at noon on July 8, 2025, and July 29, 2025, respectively.…

Purchasing a condominium requires careful consideration of various factors, including the maintenance and management of the unit. Most condos come with maintenance fees that cover the upkeep of shared spaces and amenities. While these fees may add to the overall cost of owning a condo, they play a crucial role in preserving the property’s value. For investors looking for a more hands-off approach, enlisting the services of a property management company can greatly benefit in managing their condos. Furthermore, keeping an eye out for new condo launches can provide access to modern and desirable options for potential buyers. Make sure to check out New Condo Launches to stay updated on the latest offerings.

On December 3, URA announced the release of two residential GLS (Government Land Sale) sites under the Reserved List for the 2H2024 GLS Programme. These sites, Holland Plain and River Valley Green (Parcel C), are now open for application and will be put up for sale if a developer meets the minimum price accepted by the government. Should more than one developer submit a minimum price that is close to the government’s reserve price, the site may also be considered for a tender launch.

Covering an area of approximately 169,175 sq ft, the Holland Plain GLS site has a maximum gross floor area of 304,522 sq ft, and can potentially accommodate 280 residential units. This 99-year leasehold site is situated beside the Holland Link GLS site, which was launched for tender on the same day. It is estimated that the site can house 230 units.

Mark Yip, CEO of Huttons Asia, believes that the chances of the Holland Plain site being triggered for sale are low. “Developers are likely to monitor the response to the Holland Link GLS site first,” he says. The tender for this site is set to close in July 2025.

The River Valley Green (Parcel C) site, which is located next to the Great World MRT Station on the Thomson-East Coast Line, spans an area of 123,964 sq ft and has a maximum gross floor area of 433,882 sq ft. It can potentially yield around 470 new housing units. However, Yip predicts that this site is also unlikely to be triggered for sale, as there is an existing tender for the neighbouring River Valley Green (Parcel B) plot which will close in February next year. This site can accommodate 580 units, including 220 long-stay serviced apartments.

The site is in close proximity to three other GLS sites which were recently awarded. In June, the River Valley Green (Parcel A) site was awarded to Winchamp Investment, a subsidiary of Wing Tai Holdings, for $464 million, translating to $1,325 psf ppr. Over 400 residential units will be developed on this site.

In April, City Developments and Mitsui Fudosan jointly won the tender for Zion Road (Parcel A) with a bid of $1.107 billion or $1,202 psf ppr. They plan to develop a mixed-use project on the site, comprising around 740 residential units, a retail podium, and a block with 290 rental apartment units.

In August, Allgreen Properties was awarded the tender for Zion Road (Parcel B) for $730.09 million, or $1,304 psf ppr. The site can potentially yield about 610 residential units.

In light of the upcoming supply from these three sites, Yip believes that there is little incentive for developers to trigger the sale of River Valley Green (Parcel C).…

In Singapore, there is a crucial factor to take into account when considering an investment in condo: the government’s property cooling measures. To maintain a steady real estate market and discourage speculative buying, the Singaporean government has implemented various measures over the years. Among these measures is the Additional Buyer’s Stamp Duty (ABSD), which enforces higher taxes on those purchasing multiple properties or foreigners looking to invest in the country. While these measures may affect the short-term profitability of condo investments, they ultimately contribute to the long-term stability of the market, creating a more secure environment for investment.

December 3, 2023This month has been a productive one for the housing market with several new launches doing particularly well. One of the developments that took the market by storm is the Emerald of Katong by the Sim Lian Group. Launched just two weeks ago, the 99-year leasehold property saw almost all of its 846 units being snapped up within three days. According to the latest records from November 30th, the 825 units at the Jalan Tembusu condo have been sold with an average price of $2,617 per square foot. The remaining 13 units were lost after some buyers backed out of the deal following the launch weekend, which started with VIP and multiple-unit sales on Friday, November 15th, followed by a public launch over the weekend of the 16th and 17th. Ismail Gafoor, CEO of PropNex, responded to the buyers who backed out by holding a balloting session for the 13 units in question on the morning of November 30th. They received over 800 expressions of interest and all 13 units were taken up. The success of the Emerald of Katong launch caused a wave of popularity to spread to the neighbouring projects in the East Coast area of District 15. This includes the 638-unit Tembusu Grand which is being jointly developed by City Developments Ltd (CDL) and MCL Land. In the month of November so far, 52 units were sold at the 99-year leasehold development on Jalan Tembusu, bringing total sales to 581 units (91%) achieving an average price of $2,445 per square foot. According to real estate site EdgeProp Buddy and URA Realis, Tembusu Grand’s prices have hit an all-time high with 10 latest transactions making up the latest trend chart. Meanwhile, Grand Dunman by SingHaiyi, a 99-year leasehold condo in Dunman Road which was launched in July 2023, has sold 18 units since November 11th, bringing cumulative sales to 731 units (72.5%) at an average price of $2,531 per square foot. Tembusu Grand and Grand Dunman were doing relatively well on their own, but with the Emerald of Katong launch, they have witnessed a significant increase in sales. The star of the show is undoubtedly the Continuum, a freehold condo with 816 units that lies adjacent to the Emerald of Katong and is being co-developed by Hoi Hup Realty and Sunway Developments. Since November 9th, a total of 126 units have been sold bringing overall sales to 528 units (64.7%) as of November 30th, according to information based on the caveats lodged. This is thanks to the rigorous sales efforts that took place over the course of 3 days in mid-November. 13, 38 and 22 units were sold respectively on the 15th, 16th and 17th for a total of 73 units sold in three days. The Continuum was already doing well with 49% of its units being sold, but with the launch of the Emerald of Katong, the sky became the limit. As of November 9th, the Continuum now has 49% of its total units available, meaning more choices for buyers. This has given them an edge over Grand Dunman where many of the smaller units have already been sold. Another reason The Continuum is doing well is its pricing. The average price of a unit at the Emerald of Katong is $2,617 per square foot, while The Continuum, being freehold, sold its units for an average price of $2,788 per square foot, a premium of only 6.53%. According to Ismail Gafoor, CEO of PropNex, a freehold property should always command at least a 15% to 20% premium over a 99-year leasehold property in the same neighbourhood. But with the value proposition that the Continuum presents, buyers have already started flocking to it. As a result, the 13 latest transactions for the Emerald of Katong have had a high psf price for the higher up floors of the 484 sq ft one-bedroom units and the 624 sq ft two-bedroom units, giving an average of $2,901 to $2,958 psf. Even at the Continuum, prices have gone over $3,000 psf with a total of 11 units being sold in November including nine two-bedroom units at high floors between 646 to 721 sq ft as well as two compact three-bedroom units selling at $3,003 psf and $3,060 psf respectively. For the lower floors, three- and four-bedroom units between 1,066 sq ft and 1,270 sq ft sold for $2,667 psf to $2,681 psf. The sales in November have already hit 2,805 units, surpassing the previous peak of 2,793 monthly sales in March 2013 as noted by Hutton Data Analytics. These figures are yet to be final. Gafoor believed that the strong sales in November will have a positive impact on the rates at which homes are being taken up in 2025. Both the Tembusu Grand and the Continuum show the impact that the Emerald of Katong has had in raising property prices in the East Coast area. Gafoor adds that given over 800 cheques were received for only 13 units at the Emerald of Katong launch, the new crop of unsuccessful buyers will likely be scouting for alternatives. This will show an increase in new homes sales at the beginning of 2025. Check out the latest listings for Emerald Of Katong, Tembusu Grand, The Continuum propertiesAsk BuddyRecently launched projectsCompare price trend of New sale condo vs Resale condoCompare price trend of Condo new sale vs EC new salePrice trend chart for Tembusu GrandAny condo rental listings in District 15?At the beginning of the year, the real estate market was already looking up and the trend has continued. Several new launches in the East Coast area have performed quite well. One such development is the Emerald of Katong by the Sim Lian Group. It was launched just recently, and within only 2 weeks, all 846 units were sold out. Moving into the final days of November, the record shows that of the 846 units, 825 of them (around 97.5%) were snapped up at an average rate of $2,617 psf. However, by the end of the launch weekend, 13 units did not close the sale, which was due to some buyers forfeiting their purchase. The VIP and multiple-unit sales started off the launch on Friday, November 15th and were later followed by a public launch on the 16th and 17th of the same month. On November 30th, buyers who backed out of the deal triggered a balloting session for the 13 units in contention. According to Ismail Gafoor, CEO of PropNex (a real estate services company), they received over 800 expressions of interest, and in the end, all units were sold. This project’s success has caused a ripple effect on the neighbouring projects in the East Coast area, particularly in prime District 15. One of the projects that were affected by this ripple effect is the Tembusu Grand, a 638-unit property, which is a joint development project undertaken by City Developments Ltd (CDL) and MCL Land. The said development in November managed to sell 52 units. The total number of units sold stands at 581 units (a whopping 91%). This is an impressive feat considering that the average price for these units is at $2,445 psf. According to EdgeProp Buddy and URA Realis, Tembusu Grand’s transactions topped the price trend chart reaching an all-time high. The Grand Dunman by SingHaiyi, a 99-year leasehold condominium, sold 18 units in November, bringing the total number of units sold to 731 (a 72.5% success rate) with the average price being $2,531 psf. The development, which is in Dunman Road, was launched in July 2023. The latest transaction report also places the Tembusu Grand and the Grand Dunman with a total sum of 10 latest transactions showing the highest price trend. In comparison to the 12 units sold in November, several three- and four-bedroom units measuring 1,066 sq ft to 1,270 sq ft were sold off for a price that ranged between $2,667 psf and $2,681 psf. The biggest beneficiary of the Emerald of Katong launch turns out to be the Continuum, a freehold development that holds a total of 816 units and which was developed jointly by Hoi Hup Realty and Sunway Developments. It has been in business for more than a month, and during this time, the total number of units sold stands at 528 (an impressive 64.7%). In just 3 days (i.e. November 15th, 16th and 17th) 73 units were sold consecutively, with the 15th having 13 units sold, the 16th having 38 units sold and the 17th having 22 units sold. Before the Emerald of Katong launch, the Continuum had a 49% success rate, which left at least 51% of its units available. This provided buyers with a variety of options to choose from. According to Gafoor, the average price of the Emerald of…